Travelodge, the budget hotel chain, is to create 420 new jobs by opening 14
hotels across the UK and Spain this year.

The company said on Monday that it was investing £223m before the end of 2013, creating 370 jobs in cities including London, Cambridge, Liverpool and Manchester, and other positions in Barcelona and Madrid.

Around 30 places will be offered to unemployed youngsters on Travelodge's junior management programme.

Grant Hearn, the chief executive of Travelodge, said: “In today’s world, Britons are looking for great value when making a hotel booking. The UK at less than 20pc remains a growing market for branded budget accommodation, as it is still well behind matured markets such as the US and France.

As part of the revamp the chain is refurbishing its room to offer "more comfort, quality and style". The company said it will include a bed "normally found in high end hotels".

Avenue Capital, GoldenTree Asset Management and Goldman Sachs seized control of Travelodge from Dubai International Capital in August following a debt-for-equity swap.

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In September, the hotel chain was saved from administration after landlords approved a company voluntary arrangement (CVA) that would allow it to offload one in 10 of its 500 hotels to other operators and benefit from lower rent at a further 109 sites.